QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2012

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File No. 000-54281

BLUEDATA CORPORATION

(Exact Name of Registrant
As Specified In Its Charter)

Delaware

27-4346830

(State or Other Jurisdiction Of

Incorporation or Organization)

(I.R.S. Employer Identification No.)

2700 Gateway Centre Blvd, Morrisville,
NC 27560

(Address of Principal Executive Offices
and Zip Code)

Registrant’s Telephone Number, Including
Area Code (919) 882-0200

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit
and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act
(Check one):

Large Accelerated Filer ¨

Accelerated Filer ¨

Non-accelerated Filer ¨

Smaller Reporting Company þ

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).

Yes þ
No ¨

The number of shares outstanding of the registrant’s common
stock, as of November 9, 2012, was 1,000,000.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING
STATEMENTS

Statements included in this Report that do not relate to present
or historical conditions are called “forward-looking statements.” Such forward-looking statements involve
known and unknown risks and uncertainties and other factors that could cause actual results or outcomes to differ materially from
those expressed in, or implied by, the forward-looking statements. Forward-looking statements may include, without limitation,
statements relating to our plans, strategies, objectives, expectations and intentions. Words such as “believes,”
“forecasts,” “intends,” “possible,” “estimates,” “anticipates,” “plans,”
“could,” “will” and similar expressions are intended to identify forward-looking statements. Our
ability to predict projected results or the effect of events on our operating results is inherently uncertain. Forward-looking
statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications
of the times at which, or by which, such performance or results will be achieved. Important factors that could cause
actual performance or results to differ materially from those expressed in, or implied by, forward-looking statements include,
but are not limited to: (i) industry competition, conditions, performance and consolidation, (ii) legislative and/or
regulatory developments, (iii) our risks associated with the acquisition and the integration of assets or businesses we intend
to acquire, (iv) the effects of adverse general economic conditions, both within the United States and globally, (v) success in
retaining or recruiting officers, directors and employees, and (vi) other factors described in “Risk Factors” below.

Forward-looking statements speak only as of the date the statements
are made. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions
or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If
we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect
thereto or with respect to other forward-looking statements.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

ITEM 1

FINANCIAL STATEMENTS

1

Condensed Balance Sheets as of September 30, 2012 and December 31, 2011 (unaudited)

1

Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2012 and 2011, with cumulative totals since inception (unaudited)

2

Condensed Statement of Changes in Stockholders’ Deficiency for the Period from Inception (December 20, 2010) through September 30, 2012 (unaudited)

3

Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 and for the Period from Inception (December 20, 2010) through September 30, 2012 (unaudited)

4

Notes to Condensed Financial Statements (unaudited)

5

ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2012 AND 2011 (WITH CUMULATIVE TOTALS SINCE INCEPTION)

(UNAUDITED)

For the Three

For the Three

For the Nine

For the Nine

Since Inception

Months Ended

Months Ended

Months Ended

Months Ended

(December 20, 2010

September 30, 2012

September 30,
2011

September 30, 2012

September 30, 2011

to September 30, 2012)

Operating expenses

Start-up cost

$

-

$

-

$

-

$

-

$

40,000

General and administrative

9,759

8,333

28,116

31,202

79,666

Loss from operations

(9,759

)

(8,333

)

(28,116

)

(31,202

)

(119,666

)

Interest Expense

1,120

755

3,091

1,610

5,525

Net Loss

$

(10,879

)

$

(9,088

)

$

(31,207

)

(32,812

)

$

(125,191

)

Net loss per share - basic and diluted

$

(0.01

)

$

(0.01

)

$

(0.03

)

$

(0.03

)

$

(0.12

)

Weighted average common shares outstanding - basic and diluted

1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

See notes to condensed financial statements.

2

BLUEDATA CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
DEFICIENCY

FOR THE PERIOD FROM INCEPTION (DECEMBER
20, 2010)

TO SEPTEMBER 30, 2012

(UNAUDITED)

Accumulated Deficit

During

Common Stock

Development

Shares

Amount

Stage

Total

Balance at December 20, 2010 (date of inception)

-

$

-

$

-

$

-

Common stock issued

1,000,000

1,000

-

1,000

Net loss for the period

-

-

(47,500

)

(47,500

)

Balance at December 31, 2010

1,000,000

$

1,000

$

(47,500

)

$

(46,500

)

Net loss for the year

(46,484

)

(46,484

)

Balance at December 31, 2011

1,000,000

$

1,000

$

(93,984

)

(92,984

)

Net loss for the period

-

-

(31,207

)

(31,207

)

Balance at September 30, 2012

1,000,000

$

1,000

$

(125,191

)

$

(124,191

)

See notes to condensed financial statements.

3

BLUEDATA CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2012 AND 2011

AND FOR THE PERIOD FROM INCEPTION (DECEMBER
20, 2010) TO SEPTEMBER 30, 2012

(UNAUDITED)

Total Cumulative

For the Nine

For the Nine

Since Inception

Months Ended

Months Ended

(December 20, 2010

September 30,
2012

September 30,
2011

through September 30, 2012)

Cash flows from operating activities

Net loss

$

(31,207

)

$

(32,812

)

$

(125,191

)

Changes in assets and liabilities

Accounts payable and accrued expenses

(2,057

)

(7,315

)

19,141

Net cash used in operating activities

(33,264

)

(40,127

)

(106,050

)

Cash flows from financing activities

Proceeds of note payable - officers

33,360

40,050

105,271

Common stock issued

-

-

1,000

Net cash provided by financing activities

33,360

40,050

106,271

Net increase (decrease) in cash

96

(77

)

221

Cash, beginning of period

125

500

-

Cash, end of period

$

221

$

423

$

221

See notes to condensed financial statements.

4

BLUEDATA CORPORATION

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

SEPTEMBER 30, 2012

1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

BlueData Corporation (the “Company”) was incorporated
under the laws of the state of Delaware on December 20, 2010. The Company elected its fiscal year ending on December
31. The Company is a development stage company that has not engaged in any business operations, as defined in the Accounting
Standards Codification 915, Development Stage Entities. All activities of the Company to date relate to its organization,
initial funding and share issuances.

The Company was organized to serve as a vehicle for a business
combination through a merger, stock exchange, asset acquisition or other similar business combination (a “Business Combination”)
with an operating or development stage business which desires to utilize the Company’s status as a reporting company under
the Securities Exchange Act of 1934, as amended.

Basis of Presentation

The condensed interim financial statements contain unaudited
information as of September 30, 2012 and for the cumulative period December 20, 2010 (inception) through September 30, 2012. The
unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission (the “SEC”). The accompanying unaudited condensed financial statements do not include complete
footnotes and financial statement presentations. As a result, these unaudited condensed financial statements should be read along
with the audited financial statements and notes thereto for the period from inception through the period ended December 31, 2011,
included in our Form 10-K filed on March 30, 2012. In the opinion of the Company’s management, the unaudited condensed financial
statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial
position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity
with United States generally accepted accounting principles requires management to make estimates and assumptions that affect reported
assets, liabilities, revenues and expenses, as well as disclosure of contingent assets and liabilities. Actual results could differ
from those estimates and assumptions. Moreover, the results of operations for the interim periods presented are not necessarily
indicative of the results that may be expected for the entire year.

Use of Estimates

Management uses estimates and assumptions in preparing financial
statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates.

5

Start-up Cost

The Company accounts for start-up costs pursuant to the provisions
of the Accounting Standard Codification 720-15. Accounting for start-up costs require all costs incurred in connection
with the start-up and organization of the Company be expensed as incurred.

Income Taxes

The Company accounts for income taxes pursuant to the provisions
of the Accounting Standards Codification 740, Accounting for Income Taxes, which requires an asset and liability approach to calculate
deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the
expected future tax consequences of temporary difference between the carrying amounts and the tax basis of assets and liabilities. As
a result of the incurred losses in 2010 and 2011, and the nine months ended September 30, 2012, the deferred tax asset (net
operating loss) has been fully reserved.

Loss Per Common Share

Basic loss per share is calculated using the weighted-average
number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities
such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in
the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially
dilutive instruments.

2 - GOING CONCERN

As shown in the accompanying financial statements, the Company
has incurred net losses and negative cash flows from operating activities for the period December 20, 2010 (date of inception)
to September 30, 2012, and has an accumulated deficit of $125,191 as of September 30, 2012. The Company has relied upon
loans from its officers to fund its ongoing operations to date, and expects to continue to do so, as it has yet to commence operations
or generate operating cash flow. These factors raise substantial doubt about the Company’s ability to continue as a going
concern until it completes a Business Combination, if at all. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.

3 - RELATED PARTY TRANSACTIONS

During the period from December 20, 2010 (date of inception)
through September 30, 2012, the Company incurred expenses totaling $125,191. Of these amounts, $105,271 has been paid by drawing
on a note to the officers of the Company and is included in Note Payable – Officers.

4 - NOTE PAYABLE - OFFICERS

On January 11, 2011, the Company entered into a Demand Grid
Promissory Note Agreement with the officers of the Company for up to $100,000. On April 6, 2011, the Company entered
into an Amended and Restated Grid Note with the officers of the Company, which was further amended and restated on April 27, 2011,
to increase the available borrowings from up to $100,000 to up to $250,000. On September 30, 2011, the Company entered
into a Third Amended and Restated Grid Note, which extended the maturity date of the note to September 30, 2012. On
September 28, 2012, the Company entered into a Fourth Amended and Restated Grid Note, which extended the maturity date of the note
to September 30, 2013. Payment on the Amended and Restated Grid Note includes interest payable annually (on each anniversary of
the date of the issuance of the note) at a fixed rate of 5% with a balloon principal payment due at maturity along with any accrued
and unpaid interest. Interest is accrued but will not be paid until such time as cash is available. This note is for payment of
advances made by the officers for expenses of the Company. Advances that were made by the officers through September
30, 2012 amounted to $105,271.

6

ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS

General

The Company was incorporated in the State of Delaware on December
20, 2010. We are a developmental stage company and have not generated any revenues to date. Since inception,
we have not engaged in any business operations other than in connection with our organization, the preparation and filing of our
registration statement on Form 10 and the preparation and filing of Quarterly Reports on Form 10-Q and our Annual Report on Form
10-K. We have no full-time employees and do not own or lease any property.

We have conducted no business operations to date and expect
to conduct none in the future, other than our efforts to effectuate a business combination through a merger, stock exchange, acquisition
of assets or other similar business combination (a “Business Combination”) with a company which desires to have a class
of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We
cannot estimate the time that it will take to effectuate a Business Combination. It could be time consuming, possibly
in excess of many months or years. Additionally, no assurance can be made that we will be able to effectuate a Business
Combination on favorable terms, or, if such a Business Combination can be effected at all. We might identify and effectuate
a Business Combination with a target business that proves to be unsuccessful for any number of reasons, many of which cannot currently
be known due to the fact that the target business is not identified at this time. If this occurs, the Company and its
stockholders might not realize any type of profit.

Liquidity

To date, we have funded our operations through loans from our
officers pursuant to that certain Fourth Amended and Restated Grid Note, dated as of September 28, 2012, made by the Company in
favor of Kenneth Bloom and Deborah Bloom (the “Lenders”), in the principal amount of up to $250,000 (the “Promissory
Note”). Advances under the Promissory Note, which are payable on September 30, 2013, amounted to $105,271 on
September 30, 2012. Interest on the unpaid principal balance of the Promissory Note is payable annually in arrears
at a rate of 5% per annum. Under the terms of the Promissory Note, the Company may, in its discretion, call on the Lenders
to provide additional funds necessary to cover the operating costs of the Company. In light of the fact that the Lenders
are the Company’s only stockholders and serve as its executive officers and directors, the Company may decide not to call
on the Lenders to provide additional funds if the Lenders make a determination that the Company’s current prospects do not
warrant further funding.

The directors and officers
of the Company will analyze potential Business Combinations at no cost to the Company. However, the Company will incur
costs associated with filing Exchange Act reports, identifying target businesses and analyzing and negotiating the terms of potential
Business Combinations. Our management anticipates that out-of-pocket expenses will be approximately $30,000 to $40,000
annually to file its Exchange Act reports prior to the completion of a Business Combination and $75,000 to $100,000 to identify
target businesses and to analyze and negotiate the terms of potential Business Combinations. It is expected that the
amounts available to the Company under the Promissory Note will be sufficient to fund the Company’s operations until the
note matures on September 30, 2013.

7

Capital Resources

Management and our stockholders
expect to fund the Company’s operating expenses, including any out of pocket expenses that may be incurred in connection
with due diligence activities and a Business Combination, through further loans, as and when necessary, in accordance with the
terms of the Promissory Note. To the extent the funds available pursuant to the Promissory Note are not sufficient
to satisfy the Company’s cash requirements, the Company may seek funding from external sources unaffiliated with the Company,
which may include additional debt or equity infusions. The Company expects the amounts due under the Promissory Note
to be repaid from cash flow generated from operations following the completion of a Business Combination. If a Business
Combination is not completed prior to the maturity date of the Promissory Note, or the cash flow from operations is insufficient
to make the payments on the Promissory Note as they become due, the Lenders may either extend the payment terms, forgive the debt
or treat the debt as an equity contribution. We cannot provide investors with any assurance that we will have sufficient
capital resources to identify a suitable target business, to conduct effective due diligence as to any target business or to consummate
a Business Combination.

Results of Operations

Since our inception, we
have not engaged in any activities other than in connection with our organization, the preparation and filing of our registration
statement on Form 10 and the preparation and filing of Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K. We
have not generated any revenues to date. We do not expect to engage in any activities, other than seeking to identify
a target business, unless and until such time as we enter into a Business Combination, if ever. We cannot provide investors
with any assessment as to the nature of a Target Business’s operations or speculate as to the status of its products or operations,
whether at the time of the Business Combination it will be generating revenues or its future prospects. Because we have
not engaged in any operating activity, inflation has not had, and we do not currently expect it to have, any material effect on
our net sales, revenues or income from continuing operations.

Our Business and Our Plan of Operation

Given that we have no assets, no current operations and our
proposed business contemplates entering into a Business Combination with an operating company, we are a “shell company,”
which is defined in Rule 405 under the Securities Act as a company which has (i) no or nominal operations; and (ii) either (x)
no or nominal assets; (y) assets consisting solely of cash and cash equivalents; or (z) assets consisting of any amount of cash
and cash equivalents and nominal other assets. In addition, the Company, based on proposed business activities, will
be deemed to be a “blank check” company, which the Securities and Exchange Commission (the “SEC”) defines
as any development stage company that is issuing a penny stock within the meaning of Section 3(a)(51) of the Exchange Act, and
that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company
or companies.

As a shell company, we face risks inherent in the identification
and investigation of potential target businesses with which to consummate a Business Combination as well as the uncertainties of
finalizing a Business Combination with any target business we may identify. Further, as a “development stage”
or “start-up” company, we face all of the unforeseen costs, expenses, problems and difficulties related to such companies,
including whether we will continue as a going concern entity for the foreseeable future.

8

Going Concern Consideration

Our auditors have issued a “going concern” opinion
with regard to our financial statements for the year ended December 31, 2011. The Company has relied upon loans from its officers
to fund its ongoing operations to date, and expects to continue to do so, as it has yet to commence operations or generate operating
cash flow. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that would be considered material
to investors.

9

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

Disclosure not required by a “smaller reporting company.”

ITEM 4 CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Report, the Chief
Executive Officer and Chief Financial Officer of the Company (the “Certifying Officers”) conducted evaluations of the
Company’s disclosure controls and procedures. As defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), the term “disclosure controls and procedures” means controls
and other procedures of an issuer that are designed to ensure the information required to be disclosed by the issuer in the reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Securities and Exchange Commission’s (“SEC”) rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer
in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management,
including the Certifying Officers, to allow timely decisions regarding required disclosure.

Based upon their evaluation as of the end of the period covered
by this report, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are
not effective to ensure that information required to be included in our periodic SEC filings is recorded, processed, summarized,
and reported within the time periods specified in the SEC rules and forms.

Our Board of Directors was advised by management that its
evaluation of internal control over financial reporting as of December 31, 2011 identified a material weakness as
defined in Public Company Accounting Oversight Board Standard No. 5 in the Company’s internal control over financial
reporting.

This deficiency consisted primarily of inadequate staffing and
supervision that could lead to the untimely identification and resolution of accounting and disclosure matters and failure to perform
timely and effective reviews. However, the size of the Company prevents us from being able to employ sufficient resources
to enable us to have adequate segregation of duties within our internal control system. Management is required to apply
its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management has taken all actions
to ensure that the filing includes all required content and the financial statements presented are in conformity with US generally
accepted accounting principles for interim financial reporting pursuant to the rules of the SEC.

10

Changes in Internal Controls

There were no changes in the Company’s internal controls
over financial reporting during the period covered by the Report that have materially affected, or are reasonably likely to materially
affect, the Company’s internal controls over financial reporting.

11

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Disclosure not required of a “smaller reporting company.”

Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

12

Item 6. Exhibits.

Exhibit Number

Description of Document

10.1

Form of Amended and Restated Grid Note.

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a).

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a).

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

13

SIGNATURES

Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.

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